Tyco Flow Control Reports Fourth Quarter Earnings
Tuesday, November 9, 2010
Revenue of $868 million declined 5% in the quarter with
an organic revenue decline of 5%. An 8% growth in Thermal Controls and a 9%
growth in Water was more than offset by a 12% decline in the Valves business. Orders
increased 5% in the quarter, excluding the impact of foreign currency and a
large Australian desalination project in the Pacific water business recorded
last year. Backlog of $1.5 billion decreased 5% on a quarter sequential basis,
excluding the impact of foreign currency, primarily due to a decrease in
Pacific water.
Operating income was $104 million in the quarter and the
operating margin was 12.0%. Special items of $7 million resulted from
restructuring activities. Operating income before special items was $111
million and included a charge of $9 million on a project retained from the 2008
divestiture of Earth Tech. The impact of volume declines was partially offset
by the benefits of cost-containment actions and restructuring activities,
resulting in an operating margin before special items of 12.8%. More…
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